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Session Laws, 1827 Session
Volume 474, Page 203   View pdf image (33K)
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JOSEPH KENT, ESQUIRE, GOVERNOR.

 

SEC. 13. And be it enacted, That if the capital slock of
said company, augmented by this act, shall be deemed insuffi-
cient for the construction of the railroad herein provided for,
it shall and may be lawful for the president and managers of
said company, or a majority of them, from time to time, fur-
ther to increase the said capital stock, not exceeding one mil-
lion of dollars, by the addition of as many shares as they may
deem necessary, for which they may at their option, cause
subscriptions to be raised in the manner prescribed bv them,
or may sell the same for the benefit of the company for any
sum not under their par value; and that they, of a majority of
them, shall have power to borrow money for the objects of
this act, to issue certificates or other evidence of such loans,
and to pledge the property of said company for the payment of
the same.

CHAP. 170.

Incwsisv of capital
authorised.

SEC. 14. And fa it enacted, That in addition to the five thou-
sand two hundred shares of capital stock, provided for by this
act, one thousand shall be reserved for subscription by the
government of the United States, one thousand for the state
of Maryland, and five hundred for the city of Baltimore, for
the space of two years from the passage of this act, by the le-
gislature of Maryland; and if the shares of said capital stock,
herein reserved to the said government, state or city, or any
part of them, shall not be subscribed by said government, state
or city respectively, during the time for which such stock is
reserved to them, in either case the president and managers of
said company shall have power to open books and receive
subscriptions, to any of the capital stock which may thus re-
main unsubscribed for,or to sell or dispose of such unsubscrib-
ed stock for the benefit of the company, for any sum not under
its par value; and the purchasers or subscribers of such stock

Shares reserved
to U. S. State of
Maryland and, city
of Baltimore.

shall have all the rights, powers and privileges of original sub-
scribers, and shall be subject to the same regulations; and
the government of the United States, the state of Maryland,
and the city of Baltimore, may each appoint one additional
manager of said company for every five hundred shares of
stock of said company, by them respectively owned.

Rights & powers

SEC. 15. And whereas, it may be necessary in the selection
of the route for the construction of the rail road authorised by
this act, to change the course of the travelling and transporta-
tion between the cities of Baltimore and Washington, and
thereby greatly injure or destroy the value of the bridge and
ferry on the Patapsco river, over which the said Washitigton
and Baltimore turnpike road now passes; Be it enacted, That
if the said rail road, authorised by this act, shall not pass over
the Patapsco river at the bridge and ferry aforesaid, the
owners of the said bridge and ferry shall be entitled to so
many shares of stock oi the said company as shall be equal
to the value of the said bridge and ferry, such value to be
agreed on by contract between the president and managers of
the said company and the trustees in whom the title to the
said bridge and ferry is vested, with the approbation of such
of tire owners as is or are of full age, and of the natural or

Owners of Patap-
sco bridge to be
remunerated.



 
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Session Laws, 1827 Session
Volume 474, Page 203   View pdf image (33K)
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